USD/ZAR 1H Chart: Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The U.S. Dollar has been losing ground against its South African peer since mid-June when it attained a three-month high of 10.8674. While retreating, USD/ZAR shaped a 92-bar long triangle pattern, the apex of which will be reached later in the day, meaning that the breakout is looming. Meanwhile, traders on the SWFX fail to express a clear opinion about the direction of the exit – the proportion of long positions only slightly outweighs the proportion of the short ones – 56% of orders are long and 44% are short. Technical indicators also send mostly neutral signals.
© Dukascopy Bank SA
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